Wealth Salary increases due to the talent competition between Wall Street and family offices

An earlier version of this story was published in CNBC's Inside Wealth newsletter, which features Robert Frank and serves as a weekly resource for affluent consumers and investors. Register to receive next editions directly in your inbox. A recent study found that the average family office has annual operating expenditures of over $3 million because to the competition for talent driving up employment costs. Rich families are operating their family offices for an average of about $3.2 million annually, ranging from $1 million to over $10 million, according to the J.P. Morgan Private Bank Global Family Office Report that was issued this week. Although the costs vary greatly based on the assets, analysts claim that as family offices grow in size and complexity, overall expenses are rising.